Europe's gas reserves are low and the situation around the Strait of Hormuz may be prolonged, the global CEO of JERA, Japan's biggest power ​generator, said on Monday. Liquefied natural gas and gas from Russia to Europe will stop on January 1 next year, and gas prices may rise further, Yukio Kani, Global CEO and Chair of JERA, said at an energy forum in Bangkok. (Reporting by Emily Chow and helen Clark; Writing by Martin Petty;) [Read more]

The widening of the Mideast conflict into Yemen and drone strikes on a critical Saudi oil pipeline highlight an uncomfortable reality: the Iran war is no longer a short-lived energy supply shock, but a prolonged, unpredictable test of global economic endurance. With crude oil back above $100 a barrel, markets are adjusting to a new and more volatile phase of the conflict, one in which many of the safeguards that cushioned the initial blow nearly seven months ago have disappeared. U.S. [Read more]

The U.S. Environmental Protection Agency is poised to formally repeal carbon pollution standards for coal- and gas-fired power plants, Bloomberg News reported on Sunday, citing people familiar with the matter. The latest climate rollback is expected to come as soon as Monday on the sidelines of the G20 energy ministers' meeting in Houston, Texas, according to Bloomberg. Last year, U.S. President Donald Trump's administration proposed repealing rules passed under former President Joe Biden [Read more]

Middle East diplomacy appeared to falter heading into Monday with the postponement of a meeting between Iran and other Persian Gulf powers, while fresh attacks around the region's two most important oil transit routes deepened concern over global energy supplies. Oil prices jumped as markets reopened on Monday, following developments that threaten supplies from the world's biggest exporter, Saudi Arabia, which kept a key 1,200-km (745-mile) east-west pipeline closed throughout the weekend [Read more]

Oil prices jumped more than 2% on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline. Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT. WTI futures rose $2.27, or 2.27%, to $102.32 per barrel. Prices had initially risen more than 3% at market open. Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from [Read more]

U.S. President Donald Trump on Sunday called on Ukrainian President Volodymyr Zelenskiy to stop targeting Russian diesel infrastructure, saying the attacks were causing a shortage of the fuel that is "hurting the world". A wave of long-distance Ukrainian drone attacks on Russian oil refineries in recent months has reduced that country's fuel production, triggering gasoline shortages across the country. Ukraine, which faces regular Russian attacks on its own energy infrastructure, says [Read more]

Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, adding to concerns about Iran-related threats to energy supplies after Saudi Arabia shut down a vital oil pipeline. The British navy-affiliated agency ‌UKMTO said it had a report of a projectile hitting a vessel as it moved through the Strait of Hormuz. The amount of damage and the status of the crew were unknown as of early Sunday, the agency said. UKMTO's report came the day after Saudi Arabia [Read more]